This position is remote within our NC, SC, VA footprint. Although this position is primarily remote, there are occasional events and meetings that may require you to work on-site at one of our Truliant locations.Purpose of the Job
The Sr. Mortgage Government Underwriter is responsible for reviewing and underwriting sellable and portfolio residential mortgage loan applications, including those insured by FHA and VA. The Sr. Mortgage Government Underwriter ensures lending standards are upheld, investor guidelines are maintained and informs processors, loan officers and management of findings and credit decisions.
The Sr. Mortgage Government Underwriter must be well-versed in standard concepts, practices, and procedures of residential underwriting and is able to ensure that loan meets GSE, FHA,VA, and USDA insurability. The position must underwrite all levels of complexity of mortgage loan applications and evaluate loans to minimize risk or loss.Essential Functions and Responsibilities
Other Duties and Responsibilities
- Analyzes credit, income, tax returns, and assets to determine borrower's credit worthiness and ability to repay per the terms defined by the credit union and/or investor.
- Evaluates and reviews appraisal reports and collateral issues related to real estate in order to determine whether they properly support approval of a loan application.
- Reviews all third party vendor reports for fraud, collateral valuation and compliance with investor guidelines.
- Proposes alternatives to loan requests that do not meet underwriting guidelines and seeks approval when necessary.
- Mitigates risk by conducting thorough and prudent reviews of loan files. Validates loan application and supporting documentation. Dispositions loans within underwriting authority limits.
- Presents loans with recommendations to leadership when loan limit exceeds the underwriter's authority.
- Clears conditions identified through the underwriting process and issues a final approval for closing.
- Informs processors, mortgage loan officers, closers and management of changes, status updates, findings and credit decisions.
- Possess a strong understanding of multiple Correspondent Lending products, policies, processes, and their required documentation. Stays abreast of changing underwriting guidelines for FHA, VA, USDA, and other government programs.
- Maintains DE, SAR and other underwriting designations.
- Mentors conforming and government underwriters and assists with complex loan files, as needed.
- Helps Underwriting staff to obtain DE and SAR Designations.
- May provide training and direction to team members in order to assure clear understanding of compliance and lending guidelines, particularly with those intending to eventually serve in an Underwriter role.
- Manages assigned pipeline; dispositions loans and resolves conditions within established timeframes.
- Completes, passes and maintains an up to date status for all positional and company required compliance and regulatory courses by assigned due date(s).
- Displays commitment to ensuring compliance with applicable regulations by adhering to regulatory requirements and monitoring and reporting BSA/AML risks.
- Maintains confidentiality and security of all member transactions and information.
- Proposes recommendations for policy regarding portfolio guidelines, and enforce resulting procedures.
- Responsible for ensuring underwriting team is kept apprise of policy and guideline changes and /or updates to all internal and government agencies.
Knowledge, Skills, and Abilities
- Assists with other tasks and projects as assigned.
- Must have sound understanding of standard concepts, practices, procedures, regulations and compliance within the loan origination environment, as well as services offered by the credit union
- Must possess a full range of expertise in secondary market and portfolio guidelines, including Fannie Mae and Freddie Mac
- Must have USDA knowledge along with DE and SAR certifications required for FHA and VA underwriting or have the skills and knowledge required to obtain them
- Must have ability to make independent decisions regarding acceptability of loan files and approval/denial of loan applications
- Must demonstrate ability to manually underwrite loans and apply sound judgment and decisions
- Must demonstrate high volume productivity
- Must be detail-oriented, organized, and work efficiently under pressure
- Must have excellent communication skills in English, both verbal and written
- Must have intermediate knowledge on Microsoft Excel and Word
- Must have ability to understand all business processes within the credit union
- Must meet requirements to be bonded
- Must be detail oriented and well organized
- Must be able to work in a general office environment
- Must be flexible and able to shift resources and priorities as required
- Must be able to complete all assignments with minimal supervision
- Should possess a strong commitment to providing excellent service to Truliant's members
Education and Background
- Occasional standing, walking, bending, and stooping required
- Must be able to sit at a desk for long periods of time and use a computer
- Must be able to moderately lift or move up to 5 pounds and occasionally lift or move up to 10 pounds
- High School diploma or equivalent required, with at least 10 years of mortgage lending experience required.
- 10 years of underwriting experience required
- Bachelor's Degree in Business or Finance preferred